Monday, February 26, 2007

Iraqi Cabinet Agrees Draft Oil Law

From Al Jazeera:

Iraq's cabinet has agreed a draft law which would regulate how the country's oil wealth would be shared between its ethnic and sectarian communities.

The law, which will now be sent to the parliament for approval, will also set out terms regulating how foreign oil firms will be able to operate in Iraq.

As the Independent on Sunday reported, the law proposes handing over exploration and production contracts for up to 32 years - far longer than most deals between companies and governments. With the US linking it's backing of the Iraqi government with this new law, there is no doubt it will be rushed through parliament and Bush will get what he wanted from the start: OIL.